In this third quarter, the WIP has exceeded its all-time high, reaching 1.3% since its introduction 26 years ago.
When compared to March 2009, the annual Wage Price Index also recorded its highest growth, rising 4%.
This “wasn’t a surprise,” as per HSBC Chief Economist Paul Bloxham.
“We were expecting, the market was expecting, (and) the RBA was expecting that this was going to be a very strong lift in wages growth in that quarter.”
“The main message is, it wasn’t a surprise to the RBA; they were expecting it.”
- Published By Team Australia News